Financial matters

[Robert2020]

 Cllr Charlie McCoubrey will need to start looking at all those extras that are not a 'statutory requirement' and cut most of them to balance the books. I'm not happy with another 9-10% rate raise after the last two years.


https://www.northwalespioneer.co.uk/news/24789910.conwy-faces-difficult-decisions-average-funding/

[SteveH]

 Cllr Charlie McCoubrey will need to start looking at all those extras that are not a 'statutory requirement' and cut most of them to balance the books. I'm not happy with another 9-10% rate raise after the last two years.
https://www.northwalespioneer.co.uk/news/24789910.conwy-faces-difficult-decisions-average-funding/

A small start...............

From CCBC
This year, we are not sending recycling calendars through the post.
In previous years we have printed and posted calendars to more than 55,000 addresses in Conwy. This costs tens of thousands of pounds, which could be better used on other services we provide.

See todays 'Recycling un the area' thread for more info................

[SteveH]

The UK inflation rate has gone up for the second month in a row, with prices rising at their fastest pace since March. What does it mean for you?

What has happened to inflation?
The main measure of inflation - looking at how much prices had risen over the previous 12 months - went up to 2.6%.

UK inflation rise - what does it mean for me?............  https://www.bbc.co.uk/news/articles/c6230y85k06o

[SteveH]

The typical water bill will rise by an average of £86 from April for a year before easing, the industry regulator has said.

The steep rise is part of bill increases in England and Wales over the next five years to pay for supply upgrades and to reduce sewage discharges, Ofwat said.

The cost increases are higher than the regulator had proposed in July, but are lower than water companies had requested....
https://www.bbc.co.uk/news/articles/cvgx3rv7p21o


UK interest rates held at 4.75%
UK interest rates will remain at 4.75% after the Bank of England voted to hold borrowing costs.

However, the Bank seriously considered cutting interest rates in December as it forecast that the UK economy failed to grow at the end of this year.

While the Bank voted to keep rates unchanged, three members of the nine-member rate-setting committee wanted to reduce it to 4.5%.

The split opens the door to a rate cut as soon as February when the Bank next meets....https://www.bbc.co.uk/news/articles/cd75yq1zlzqo

[Hugo]

Energy prices rise with warnings of more pain to come
Domestic energy prices have risen with little respite expected for billpayers during the rest of the year.

The second increase in Ofgem's price cap this winter takes effect on Wednesday and means someone paying by direct debit and using a typical amount of gas and electricity will pay £1,738 a year.

That is £21 a year more than under the previous cap,


https://www.bbc.co.uk/news/articles/cx2612npy61o

[SteveH]

More than half of companies are planning to raise prices in the next three months as they face a "pressure cooker of rising costs and taxes", according to one of the UK's largest business groups.

The British Chambers of Commerce (BCC) said its survey of nearly 5,000 firms suggested confidence had "slumped", falling to its lowest level for two years.

Nearly two-thirds told the BCC they were worried about taxes following the Budget, which announced a rise in national insurance contributions (NICs) paid by firms from April.

A Treasury spokesperson said the Budget delivered stability for business and more than half of employers would either see a cut or no change in their NI bills.

Raising prices risks stoking inflation at a time when many people are struggling with the cost of living...... https://www.bbc.co.uk/news/articles/c0j10420e2jo

[Hugo]

DWP cold weather payments rules on when and who could get them as temperatures plummet
People could be in for a cash handout from the Department for Work and Pensions if the freezing conditions continue across North Wales

It's not quite as good as it sounds as it all depends on where your weather station is.     For instance Llanberis which is in the mountain area but its weather station I believe was in Mona on Anglesey

https://www.dailypost.co.uk/news/north-wales-news/cold-weather-payments-when-who-30732147

[SteveH]

Treasury: 'No need' for emergency action as borrowing costs rise

The pound has fallen to its lowest level in a year, while UK borrowing costs have surged to their highest level for 16 years.

Economists have warned the rising costs could lead to further tax rises or cuts to spending plans as the government tries to meet its self-imposed borrowing rule........... https://www.bbc.co.uk/news/articles/c1404j3xmxdo

[SteveH]

The pound has dropped to its lowest value against the dollar since November 2023 while government borrowing costs have continued to rise.

The pound fell to $1.21 on Monday while the rate at which the government can borrow money hit its highest level since 2008 by one measure.

Borrowing costs for many countries are rising across the world, though some have said decisions made in the Budget have made the UK particularly vulnerable.

The prime minister said he had "full confidence" in Chancellor Rachel Reeves, but the Conservatives said Reeves was "hanging on by her fingernails".

Governments generally borrow money by selling bonds to big investors, such as pension funds. UK government bonds are known as gilts................ https://www.bbc.co.uk/news/articles/c897vw5w7p8o

[Hugo]

Wales's tourism hotspots to get £12m to deal with issues that irritate locals and visitors
Authorities can bid for money from the funding pot   
Tourism brings huge benefits to Wales - raising its profile, creating jobs and bringing in additional money. But there are also irritations - like jammed roads and beauty spots, parking chaos, as well as litter and anti-social behaviour by visitors.



https://www.dailypost.co.uk/news/north-wales-news/waless-tourism-hotspots-12m-deal-30774381

[SteveH]

The UK economy returned to growth for the first time in three months, but the expansion was less than expected.

The 0.1% uptick in November was driven by trade for pubs, restaurants and the construction industry, after it shrank in October and September.

The figures come after recent turbulence in financial markets sent the UK's borrowing costs to the highest level for several years and the value of the pound down.

But with tax rises coming into effect in April, the sluggish figures have fuelled further concerns that stagnant growth could persist in the UK for some time............... https://www.bbc.co.uk/news/articles/c8r5jkv5g5po

[Hugo]

Eye-watering 9.5% council tax rise proposed for people living in North Wales county
The council said they had been facing a funding gap of more than £10m


https://www.dailypost.co.uk/news/north-wales-news/eye-watering-95-council-tax-30809756

[SteveH]

She'd hate the comparison, but the way she's been talking over recent weeks sounds more like a Conservative chancellor.

She wants to get rid of barriers to business and make it harder for green groups to put the brakes on big development. She's easing off plans to make life more expensive for wealthy non-doms – and is expected to approve new airport runways and cut welfare.

It doesn't sound much like Reeves' Budget in October, in which she raised whopping taxes, increased spending on public services and reminded us, time and time again, how much trouble the economy was in and how the Conservatives – she claimed – had left that fabled £22bn black hole.

So why the switch in focus?............... https://www.bbc.co.uk/news/articles/c8ed6e4l29lo

[Hugo]

Abramovich dodged millions in tax with superyachts-for-hire scheme

Will the UK ever get a fair tax system when you have the likes of the then Chancellor of the Exchequer George Osborne allegedly avoiding paying  £2 million in tax.     It's time that the Government closed all these loopholes, both Labour and Conservative parties have promised to do this but have not even attempted to do it when they were in power


https://www.bbc.co.uk/news/articles/c4gprgyr707o

[Hugo]

Sanctioned Russian oligarch Roman Abramovich could owe the UK up to £1bn after a botched attempt to avoid tax on hedge fund investments, evidence seen by the BBC suggests.

Leaked papers reveal investments worth $6bn (£4.7bn) were routed through companies in the British Virgin Islands (BVI). But evidence suggests they were managed from the UK, so should have been taxed there.ize=12pt]Roman Abramovich could owe UK £1bn over tax dodge that helped bankroll Chelsea FC[/size]


https://www.bbc.co.uk/news/articles/cgrnqvqek4ro